How much debt do you have? (NOT including your home)

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How much debt do you have? (NOT including your home)

No debt

52%

[ 139 ]

$1 - $5,000

[ 21 ]

$5,000 - $10,000

[ 14 ]

$10,000 - $20,000

[ 23 ]

$30,000 - $50,000

[ 23 ]

$50,000 - $70,000

[ 19 ]

$100,000 - $150,000

[ 17 ]

$150,000 - $200,000

[ 5 ]

$200,000 - $300,000

[ 2 ]

$300,000 - $400,000

[ 1 ]

$400,000 - $500,000

[ 0 ]

$500,000 +

[ 2 ]

Total Votes : 266

amother

OP ↓

Thu, Aug 01 2024, 10:55 pm

I’ve been seeing a lot on the news recently and was curious

This could include: credit cards, student loans, vehicles, personal loans etc.

amother

Begonia

Thu, Aug 01 2024, 11:34 pm

we borrowed $4875 from my parents many years ago.
I don’t think they even remember. but we owe them.
We have a mortgage and home equity loan.
we don’t use credit cards.
we lease our cars and pay every month.

amother

Bluebell

Thu, Aug 01 2024, 11:36 pm

This is an interesting question. Not all loans are bad.

My husband and I just got approved for a $750,000 loan for a business. Yeah, it's technically under the LLC but it still has our names on it. And that's on top of another $600,000 loan that we already have. BH, the business is doing well, so paying the monthly payments is reasonable.

Also, regarding car loans- we recently bought a car with financing. So we have a $30,000 loan. It makes more sense for us to keep that money in the investments we have, rather than pull it out to use for the car. Even with bad interest rates.

Sometimes you have to look at a loan as a monthly bill/ a part of life. Just like a mortgage.

I do not think credit cards are a loan by any means. The interest rates are crazy and it is a bad decision financially to not pay off your bill every month.

amother

Babyblue

Thu, Aug 01 2024, 11:44 pm

$0.
Hopefully when we buy our home we’ll have that good debt.

amother

Lightcoral

Thu, Aug 01 2024, 11:50 pm

BH no debt. We live within our means.

amother

Burlywood

Thu, Aug 01 2024, 11:53 pm

Thanks to my ex who decided to fight for full custody a week after he got remarried even though he has full blown mental illness… I now owe about $150,000 in legal fees… on top of the fact that I struggle to pay for basic necessities like my son needing a root canal or my daughter needing a bed and can’t pay her day camp… yes it’s fun having a narcissistic ex.

It doesn’t matter how frugal I am and never spend … the legal fees just keep climbing. It stresses me out so much. On top of marrying the wrong person and suffering so much in the marriage and through the divorce a decade later, I now carry this heavy load that robs me of any serenity. Debt is so so hard..

amother

Kiwi

Thu, Aug 01 2024, 11:55 pm

0
100k left on mortgage
Ty Hashem

amother

Periwinkle ↓

Fri, Aug 02 2024, 12:09 am

I did zero not realizing you also said cars.
We have 15k financed on one of our cars, and thats it b"h. it made more sense for us to finance than to buy it outright.
But iy"h hope to very soon have a mortgage.

amother

Lightgreen

Fri, Aug 02 2024, 12:27 am

A little under $200k. Mostly bad debt, $10k on car, rest is tuition, credit cards (by now all defaulted), utility bills, taxes, some smaller personal loans.

I wouldn't mind so much if we were making some progress on it, but we're currently living hand to mouth off debit cards and it's hard enough to buy food.

amother

Lightgray

Fri, Aug 02 2024, 12:30 am

I also did zero not realizing you mentioned cars. We recently bought out our lease for around 20k ok a line of credit we have. That's all the debt we have (we can technically pay it off if we really want to....)
We also have a mortgage of approx 350k

amother

Teal

Fri, Aug 02 2024, 12:40 am

Just cars

amother

Stone

Fri, Aug 02 2024, 1:50 am

I wrote 30-50 because we have a car loan. We also have some cc debt but hopefully getting most of it back through reimbursement of things we laid out $$ for.

amother

Oleander

Fri, Aug 02 2024, 2:13 am

I know zero about are finances. my Dh takes care of all that stuff

amother

Diamond

Fri, Aug 02 2024, 2:17 am

amother Oleander wrote:

I know zero about are finances. my Dh takes care of all that stuff

You really should have some idea about whats going on with your finances. You never know what tomorrow brings.

amother

Taupe

Fri, Aug 02 2024, 2:24 am

About 20k because of student loans.
We live very frugal lives overall.
We need a minivan but don't have one because we can't afford the debt.
I would love a bigger apartment or a home.
We pay all our bills every month but can't afford it really...

amother

Gladiolus

Fri, Aug 02 2024, 2:34 am

Our car. I was planning to buy a used car when we got married. I had enough for it but the prices for used weren't great for what you could get at that point so we were advised to lease or finance.

It made the most financial sense to finance vs buying off a lease eventually.

I plan to pay it all off before it's up. (2-3 yrs)

amother

Navyblue

Fri, Aug 02 2024, 2:42 am

None.
I was raised by frugal parents and their message still sticks with me:
If you don't have money, don't buy.
I've been in debt in the past for brief stints, after my divorce and later, in my present marriage, when bituach leumi payments during maternity leave didn't get through in time. I've been also had stretches of living off pasta and canned beans during times of low money.

amother

Nasturtium

Fri, Aug 02 2024, 5:59 am

I don't consider a monthly car payment a "debt". It's an obligation such as utilities, and most people cannot buy a car outright.

I also pay off my CCs every month, so I didn't count them as debt. If I had a balance, that would be a debt, IMO.

amother

Valerian

Fri, Aug 02 2024, 6:25 am

$11,000 on a 0% interest credit card. Transferred to the 0% card from a credit card and a loan payment that were charging high interest.

amother

↑ OP ↓

Fri, Aug 02 2024, 7:12 am

amother Oleander wrote:

I know zero about are finances. my Dh takes care of all that stuff

I read a book that mentioned this is very healthy for a husband wife relationship. But I also have a friend that did this and her husband wasn’t paying the mortgage and she didn’t know of course. They went foreclosed on and lost everything

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